Investor Guide INVESTING IN KOSOVO - kiesa.rks-gov.net · [email protected] August 2016....

Investor Guide

August 2016

INVESTING IN KOSOVO

Disclamer

Status of information: August 2016. Changes reserved.

Publisher:Kosovo Investment and Enterprise Support Agency

Contacts:Ministry of Trade and IndustryMuharrem Fejza Street n.n.Lagja e spitalit 10000 Prishtinë, KosovoTel: +381 (0) 38 512 164Fax: +381 (0) 38 512 798Web: www.mti-ks.org

Kosovo Investment and Enterprise Support AgencyMuharrem Fejza Street N. .N .Lagja e spitalit 10000 Prishtinë, KosovoTel: +381 (0) 38 200 36 585 +381 (0) 38 200 36 542Fax: +381 (0) 38 212 807Email: [email protected]

Web: www.invest-ks.orgDisclaimer

[email protected]

August 2016. However, legislative

Despite attempting to exercise care in compiling this brochure, the authors can not warrant the accuracy, completeness,or up-to-date character of its contents. Any liability on the part of KIESA and the Government of Kosovo is thereforeexcluded.

Despite attempting to exercise care in compiling this brochure, the authors can not warrant the accuracy, completeness,or up-to-date character of its contents. Any liability on the part of KIESA and the Government of Kosovo is thereforeexcluded.

List of abbreviationsGOV – Government

MTI – Ministry of Trade and Industry

MAFRD – Ministry of Agriculture, Forestry and Rural Development

KIESA – Kosovo Investment and Enterprise Support Agency

PAK – Privatization Agency of Kosovo

UNMIK - United Nations Mission in Kosovo

USA - United States of America

ATP – Autonomous Trade Preferences

VAT – Value Added Tax

USAID – US Agency for International Development

SOE – Small Owned Enterprises

CBK – Central Bank of Kosovo

KBRA – Kosovo Business Registration Agency

SME – Small and Medium Enterprises

KSA – Kosovo Standardization Agency

EU – European Union

CEFTA – Central European Free Trade Agreement

KAS – Kosovo Agency of Statistic

GDP – Gross Domestic Product

IT – Information and Technology

FDI – Foreign Direct Investment

TM – Trade Marks

PTK – Post and Telecommunication of Kosovo

USD – United States Dollar

EUR – Euro

UMTS

SAA

- Universal Mobile Telecommunications System

Es t - Estimate

- Stabilization and Association Agreement

Symbol:

€ - EURO

% - Percent

App. - Approximately

Ha – Hectare

m3 - cubic meter

GWh – gigawatt hour

k Wh - Kilowatt hour

m2 – square meter

Km - kilometer

Q2 – Second quarterly

5

6 1. General Data

7 2. Declaration of the Government on attracting foreign investment

8 3. Principal industrial and business sectors

9 3.1 Agriculture

10 3.2 Wood processing

11 3.3 InformationTechnology and Telecommunications

12 3.4 Construction

13 3.5 Automotive components industry

13 3.6 Mining and energy

14 3.7 Textiles

15 3.8 Tourism

16 4. Investment Climate

17 4.1 FDI Inflows

18 4.2 Success stories

19 4.3 Key economic indicators

20 4.4 Incentives regime

22 5. Currency and the banking system

24 6. Labour and education

25 6.1 Labour market

26 6.2 Educational system

28 7. Trade and customs

29 7.1 Trade regime

30 7.2 Customs regime

31 7.3 Transport and distribution

32 8. Setting up a business in the country

33 8.1 Business types

33 8.2 Legal framework

35 8.3 Taxation

37 8.4 Land acquisition and related matters

37 8.5 Industrial parks

38 8.6 Utility costs and availability

40 9. Quality of life

42 10.

44 11. Websites of Institutions

45 11.1 Websites of Institutions

45 11.2 Websites of International Institutions in Kosovo

46 11.3 Business support Institutions

Table of contents

About Kosovo Investment and Enterprise Support Agency

66

1 General Data

GeographyLand area:

Terrain: Kosovo, surrounded by mountains to the north, west and south. Land Use:

Capital:

PopulationPopulation:

Ethnic composition:

Distribution:

Diaspora:

Languages: Albanian, Serbian, English.

Legal Framework

Applicable Law: Laws passed by the Kosovo Assem-bly enacted on 15 June 2008 and thereafter; Regula-tions enacted by the United Nations Interim Admin-istration in Kosovo (UNMIK) between 10 June 1999 and 14 June 2008; Laws dated prior to 22 March 1989, enacted before the abolishment of Kosovo’s autonomy within the Social Federal Republic of Yugoslavia; and laws dated between 22 March 1989 and 10 June 1999, enacted after the abolishment of Kosovo’s autonomy, provided that they are not discriminatory and are re-

Regulations available at: Official Gazette of the Republic of Kosova:www.gzk.rks-gov.net

€ 5.771 billion, Per capita: € 3,190

On average 2.5 % per annum over the past

private banks, 15 Insurance companies, two pension

Labour market:

Location factors: Competitive, well educated and

Economic DescriptionCurrency: EURO

Gross Domestic Product (GDP): In 2015 (est.):

Inflation:

Financial Sector:

Enterprises:

and well educated work force.

young workforce, enviable natural resources (mining,agriculture), low taxes and a transparent tax system,customs free access to the markets of CEFTA, EU

Near 40,000 active SME-s in 2015, app.

Banking system consisting 10

Budget: In 2016 totaling € 1.684 billion.

Tariff duties: 10 % customs duties on imports, no duties

Tax System:

Free trade:

50 % of total SMEs engaged in trade industry.

Kosovo(PAK) portfolio is 589, out of which 406 SOE were partially privatized, resulting with the sale of 763 new companies and 523 assets sold through liquida-tion sales.

on capital and intermediary goods, and selected raw materials; Excise tax; on fuel, tobacco alcohol, and luxury goods. No duties and taxes on exports.

goods 8%; in basic living services and some other servicesincluding health services and education 0%; Income Tax progressive max. 10%; Mandatory contribution for employees minimum 5% to maximum 15% (obligatory 5%) of gross salaries.

(SAA) with the European Union (EU) – signed in Octo-Stabilization and Association Agreement

free trade within the Central European Free Trade Agreement – CEFTA. Autonomous Trade System of Preferences with EU, United States of America, Norway,Japantrade wide range of Kosovo products. Kosovo has negotiated the agreement on free trade with Turkey which already waiting for approval.

VAT Standart Rate 18 %; in basic living

Average labour cost 446 Euro, skilled

st

52% agriculture, 39% forests

1.8 million

90% Albanians, 5% Serbs,2% Bosniaks, Gorans,2% Roma and 1% Turks42% urban, 58% rural

7

2. Declaration of the Government on attracting foreign investment

Minister of Trade and IndustryHykmete Bajrami

Honoured Investors,

�e Government of the Republic of Kosovo is committed to create a favourable investment environment in Kosovo.

Constitutional regulation of the economy of Republic of Kosovo is based on the market economy principles with free competition. �erefore, the Government of the Republic of Kosovo shall have a liberal trade regime based on the principles of market economy with free competition, favouring the opening of markets as the only possibility for sustainable increase of competitiveness.

Kosovo, as the newest state in Europe, has already managed to establish a political and macroeconomic stability, and establish a package of laws that not only create facilities for investment, but also a safe climate for doing business.

�e Agenda of the new Government of the Republic of Kosovo is an economic agenda. �e Government will engage in promoting favourable �scal policies, conduct VAT escalation, decrease the VAT threshold to 30,000 Euros, which will enable many businesses to operate more easily and grow. In the context of tax policies, tax breaks shall be applied for businesses that invest a considerable amount and generate new employment. Within three years, administrative capacities shall be built in order to enable the gradual transfer of tax collection from the border points to the internal points of the country, after the sale of goods. �is will alleviate the burden of businesses and increase their liquidity.

Kosovo provides an e�cient tax system which is very easy for businesses. Moreover, our country has the lowest taxes in Europe, o�ering foreign investors a tax of only 10% in corporate pro�ts, only 5% compulsory pension contributions and 0% tax on dividends.

Being a country with 70% of population under the age of 35, Kosovo o�ers an e�ective and educated, low cost work-force, competitive with regional countries.

Kosovo currently enjoys free trade within the Central Europe Free Trade Agreement (CEFTA) - enabling its produc-ers to access the regional market of 28 million consumers, with no customs duty.

In addition to having created free access throughout the European Union market, with over 500 million consumers, Kosovo has preferential trade measures with USA, Japan and Norway.

�e Government of Kosovo has undertaken a series of measures aiming the improvement of the business environ-ment, strengthen the private sector, as well as a sustainable economic growth, which is also re�ected in the "Doing Business 2016" Report whereby Kosovo moved to the 66th place, marking signi�cant improvement.

With the purpose of production with a lower operational and export cost, free economic areas have been created, which will very soon be available to foreign and local investors.

�e Government of Kosovo is, and will remain committed to preserving a sustainable macro-economic and �scal environment and sound tax policies, and will also focus in continuous reforms to improve doing business.

We welcome your investment.

3 Principal industrial and business sectors

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9

3.1 Agriculture

Kosovo is well endowed with agricultural land. Out of a total surface of 1.1 million ha app. 588,000 ha or 53 % is cultivable land. Currently some 260,000 ha is used as agricul-tural land in the different fields as illustrated in graph 1.

With some 60 percent of the population liv-ing in rural areas and mostly working in agri-culture, Kosovo has a long agricultural tradi-tion. Currently, the sector of agriculture con-tributes 14.5 percent to the GDP and is the main source of income for the majority of the population. It is one of the most important employment providers in Kosovo and it ac-counts for 13 percent of the value of exports. Some 70 percent of the local market demand for the agricultural products and processed foodstuff is still being fulfilled by imports.

The arable land in Kosovo is considered to be of good quality. Combined with the temper-ate climate that prevails throughout the coun-try, very good conditions for the agricultural production exist. This constellation, together with sufficient natural irrigation possibili-ties, enables Kosovar farmers to achieve high yields per ha in every sub-sector of agriculture. In comparison to other countries, Kosovo ad-ditionally offers a very flexible and cost effec-tive labour force and, due to trade liberaliza-tion within the CEFTA region, free access to the regional market consisting of 30 million consumers. In addition, Kosovo enjoys a pref-erential market access to the EU and US mar-kets, with only few products exempted from this prefrential treatment.

Based on the area and average yield per ha, certainly the most important fields of agri-culture in Kosovo are the vegetable and grain sectors. In October 2009 the US Agency for International Development (USAID), through Booz Allen, conducted a study that revealed new opportunities for growth. Giv-en the natural resource characteristics of the climatic zones that exist in the country, the study showed that a total of 105 crops can fea-sibly be grown. Further evaluation of factors such as highest production value, economic feasibility and attractiveness, investment, ease of production and ease of market access, has given a list of top 10 agricultural products for Kosovo. This list is shown in table 1.

Kosovo is already well known as a producer of different types of grapes. It has substantial

acres of vineyards largely dedicated to the production of Amselfelder branded wine for sale in Germany. Cabernet Franc, Merlot, Prokupac and Gamay are all planted here. The continental climate and the height of 300-400 meters above sea level provide ideal conditions for vineyards and the development and growth of grapes for wine. There are more than 200 sunny days annually to help ripen the grapes, on par with some well known wine production regions. These advantages create very good conditions for the qualitative wine production in Kosovo.

Graph 1: Use of agricultural land in Kosovo

Graph 2: Structure of crop area in ha

108,358 Fodder crops

102,364 Grains

4,886 Fruits

17,704 Vegetables

� Bulbs (flower) � Cucumbers/gherkins

� Lettuce/chicory � Currants/gooseberries

� Asparagus � Saffron

� Apples Cranberries/bilberries

Table grape � Kiwi fruit

Table 1: Top 10 strategic crops

51% Arable land and kitchen gardens

37% Meadows

8% Uncultivated

2% Pastures

2% Orchards

0.1% Greenhouses

0.2% Vineyards

10

Due to its geographical composition, Kosovo also offers very good conditions for livestock farming. Although, still experiencing a live-stock recovery process, farming in this sector has made great strides in recent years – both in numbers and yield.

In particular, there are two main factors in favour of livestock investments in Kosovo. Firstly, the country offers very good natural and climatic conditions for various types of livestock farming. Secondly, market demand for livestock farming products is currently much higher than domestic production. The planned revitalisation of the food processing industry will furthermore create greater op-portunities for livestock farming in the future.

Currently, the most significant obstacle re-maining for Kosovo’s meat processing com-panies is the reopening of export markets. With Kosovo’s geographical location and its close proximity to non-EU countries such as Albania, Montenegro, Bosnia and Herzego-

vina, Croatia and Turkey, a short-term prag-matic approach could be to initially focus on meat exports to these destinations, with the possibility of expanding into EU markets in the next stage.

There are numerous agro-industries in Koso-vo with high market potential, offering poten-tial investors immediate access to suppliers of primary products, substantial inherited capi-tal, technical capability and promising market prospects. The highly competitive workforce and the custom and tax incentives, further underscore the opportunities available in this business field in Kosovo.

Also taking into consideration the low prices of primary products, this field is very profit-able and has the potential to expand into for-eign markets. Recognising the potential, some foreign companies have already started to co-operate with local partners and are taking ad-vantage of Kosovo’s friendly tax and customs systems allowing them to offer competitive products in European markets.

In order to improve the competitiveness of the agricultural and food processing sector and consequently stimulate the local production, the Government of Kosovo has recently in-troduced different incentives for farmers and processors. The zero percent customs rate for most agricultural inputs and capital goods, to-gether with VAT exemption on a wide range of agricultural inputs, have been designed to strengthen local production and enable it to further compete with foreign products.

The promotion of the processing businesses, support for exports and simple access to fa-vourable financial means are some additional steps that, together with sufficient investor interest, will turn around this segment of Ko-sovo’s economy and lead to the creation of a large export business.

3.2 Wood processing

Forests and similarly covered surfaces make up around one third of the total territory of Kosovo and represent a resource of special importance for the country’s economy. With the annual value of wooden products and other benefits produced by forests reaching EUR 50 – 75 million, this sector represents a livelihood for 10 percent of the Kosovar population.

Graph 3: Livestock in Kosovo

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000

Sheep and Goats 151,813

Horses and Donkeys 6,152

Poultry 2,278,129

Pigs 39,591

Cattle 321,624

Graph 4: Forestry - growing stock in 1,000 m3

0 5,000 10,000 15,000 20,000

Picea Abies 1,402

Pinus ssp 2,019

Other coniferous 223

Abies Alba 1,577

Other Broadleaves 9,690

Fagus 15,963

Quercus 9,675

11Principal industrial and business sectors

Due to the sufficient availability of inputs, Kosovo offers great investment possibilities in every single wood processing cycle. The an-nual allowable amount of felling is currently slightly below 1 million m³ with Beech and Oak being the main species. Potential for for-eign investors ranges from doors and windows to a variaty of furniture production. There is currently a large pool of companies in Kosovo that would make good outsourcing partners.

A large amount of traditionally gained expe-rience, great knowledge in wood processing, and a cost effective labour force make the Ko-sovar wood industry particularly well suited for the manufacturing of hand made luxury products. In addition, most sawmills in Ko-sovo only saw logs into rough, mixed grade lumber, and are not yet exploring the potential value of waste products, i.e. sawdust and wood chips.

Taking into consideration all these benefits, Kosovo’s wood processing industry has ex-perienced significant developments during the past years. Due to better organisation and sufficient service-providing clusters, Kosovar producers have been able to increase the qual-ity and product range, thereby allowing ex-pansion into foreign markets. Currently, Ko-sovar wood processors supply furniture both for the domestic and international markets (for example hotels) to companies in Ger-many, the Netherlands, Switzerland and also neighbouring countries.

Through the efforts and engagement of the members of the rich institutional environ-ment of the wood industry, Kosovo offers various incentives that aim to further pro-mote and facilitate primary and secondary wood production. The Kosovar Government has recently approved a zero customs rate for the imports of selected machinery and capi-tal goods related to this sector, while further negotiations for the exception of wood raw material from VAT and customs are currently underway.

3.3 Information and Co mmu nication Technology The IT sector in Kosovo, including Internet Service Providers, has experienced a remarkable development since 1999. From being inexistent 16 years ago, Kosovar companies in the IT sector offer today high quality services and the latest technologies

to their customers both local as well as to foreign companies who want to outsource their software development and/or call and support centres.

Kosovo has the youngest population in Eu-rope. It is both skilled and multilingual, with English being only just short of an official language due to a high international presence. In addition, many Kosovars who have studied abroad are now returning to Kosovo, bringing with them skills and know-how. Today, public and private education institutions in the IT field, supported by companies such as CISCO or Microsoft, provide education to thousands of young Kosovars while the demand for this form of training is still rising.

Be it the outsourcing of software develop-ment, data management, establishment of call and support centres or other consulting services, Kosovar companies offer high quality services at low costs. The recent acquisition of the largest IT company in Kosovo, Pronet, by the Assecio SEE is proof of high opportuni-ties in this sector in Kosovo.

Graph 5: Annual felling allowance in m3.

Graph 7: Fixed broadband penetration rate, 2009 - 2011(Source: Cullen International)

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Picea Abies 26,000

Pinus ssp 49,000

Fagus 436,000

Abies Alba 42,000

Other Broadleaves 129,000

Other coniferous 6,000

Quercus 212,000

12

3.4 Construction

-

During past years the construction industry became one of the most important sectors contributing to Kosovo’s economic growth. Construction sector in Kosovo has so far utilised several hundred million Euro that were primarily used for the construction of new homes, or for the rehabilitation and development of the road infrastructure respec-tively.

A further factor which is helping to boost the development of this sector is the demand for

ment of Kosovo has set itself a goal to connect the country in three main directions with the most important international road corridors in Macedonia, Albania and Serbia.

with highly promising economic potential for Kosova.

Kosova will need some 60,000 new apart-ments, including the associated infrastructure, such as roads, kindergartens, schools, leisure facilities, restaurants etc.

connect the northern and central parts of Kosova with Skopje has begun in September

Kosovo with the sea port of Durres, Albania is

part of the Trans European Corridor X that connects the Adriatic Sea with the Western Europe.

GSM-services in Kosovo are provided currently by Telecom of Kosovo (TiK), IPKO,a company owned by Slovenian Telecom, andtwo licensed virtual operators “Zmobile” and“D3 mobile” . In addition operators TiK andIPKO provide UMTS and LTE services. TiK has over 1,018,324 users, whereas IPKOhas gained 592,876 users within nine years of its establishment. Vala and IPKO holds around 90% of the market


3.5 Automotive components industry

The origins of the automotive components industry in Kosovo date back to the 1960’s, when the first large scale auto components manufacturing companies were founded. Al-though these manufacturing units were pri-marily established to supply different parts for the production of Yugoslav vehicles, they very quickly penetrated foreign markets and cooperated with well-known European and American automotive component manufac-turers. The two best known flagships of au-tomotive component industrialization in Ko-sovo were the Ramiz Sadiku, which produced primarily car seats and small vehicle parts, and the Shock Absorber Factory Prishtina, which produced shock absorbers for various well-known brands such as British Armstrong, German Susta as well as French Peugeot among others. Between 1989 and 1990 the Shock Absorber Factory produced 3.3 mil-lion units each year and employed over 1,500 workers.

With the loss of foreign markets as a result of political circumstances during the 1990’s, the Kosovar car component manufacturers were faced with immense financial problems and consequently many of them had to rethink their business philosophy in order to survive in the global market. Although the current output of these enterprises is still considered to be low, re-established links with the tra-ditional partners bode well for a prospective development of this sector. The existing tech-nology, large capacities and ample knowledge allow the automotive component industry to produce and support any Original Equipment Manufacturer [OEM] with parts at a com-petitive cost.

Furthermore, the trend of shifting produc-tion to Central and Eastern Europe makes the Kosovar automotive component industry even more interesting for investors wishing to benefit from increasing opportunities in the region.

3.6 Mining and energy

Kosovo has an enviable endowment of natu-ral resources. At 14.7 million tonnes, Kosovo possesses the world’s fifth-largest proven re-serves of lignite. This mineral is of outstand-ing importance for the country, representing in the long term one of the important factors for the generation of power.

Taking into consideration the high demand for energy in the local and regional markets, the Government of Kosovo is currently final-izing major projects regarding new lignite exploitation and power generation facilities. These projects will offer unique opportunities for companies willing to engage in the energy and/or mining sector(s) in Kosovo.

Apart from lignite fired energy generation ca-pacities, Kosovo can also offer vast opportuni-ties in the renewable energy sector. Currently some 98 percent of electrical energy is pro-duced through thermal power plants. How-ever consistent with the obligations of the Energy Community Treaty for South-East Europe, where Kosovo is a signatory party, Kosovo will have to cover eight percent of the electrical energy consumption with renewable energy resources by 2016. The Ministry of Energy and Mining of the Republic of Ko-sovo has already conducted a pre-feasibility study for numerous sites where hydro power plants can be constructed. The expression of interest for these HPPs will be internation-ally disseminated. In addition, feed-in tariffs

Graph 8: Kosovo lignite reserves compared to the rest of the World (in billion tonnes)

Graph 9: Theoretical renewable energy resources in Kosovo in GWh/year

Agriculture 1,200

Livestock 1,363

Wood 2,812

Solar 2,880

Solid waste 1,229

0

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14

for different renewable energy generation ca-pacities have been put in place. The Kosovo resources for renewable energy are shown in table 2 below.

In order to improve the efficiency of the dis-tribution system, the Government of the Re-public of Kosovo is planning further invest-ments in distribution capacities, as well as the privatisation of the currently state-owned energy distribution company which has al-ready been unbundled from the state-owned Kosovo Energy Corporation.

Type of resource Resource

Biomass, wood 0,9 million m3

Biomass, livestock 322000 cattle, 152000 sheep/goats

Biomass, agriculture 0,3 million tonnes straw

Solid waste 0,44 million tonnes

Solar energy 1500 - 1650 kwh/m2/year

Wind energy ��

Table 2: Resources in Kosovo for renewable energy

In the mining sector, and in addition to lig-nite, base-metal mining has been a mainstay of Kosovo’s economy since pre-Roman times. Modern mining in this field began in the 1930’s, when the mining complex Trepça was revamped by the British Company “Selection Trust”. Zinc, lead, silver, gold, cadmium and bismuth are exploited along Trepça’s mineral belt.

The lead and zinc reserves of Kosovo are esti-mated to be around 48 million tonnes, those of nickel to 16 million tonnes. Chrome re-serves amount to 89 million tonnes and baux-ite reserves to 13.2 million tonnes.

There are different mines that can either be acquired through the ongoing privatisation procedures or can be revamped by entering joint ventures with private owners. For details regarding the specific mining possibilities within the privatisation process please check the web-site of the Privatisation Agency of the Republic of Kosovo at www.pak-ks.org.

3.7 Textiles

With over 200 years of tradition, textiles were the second largest industrial sector in Kosovo, after mining. In the past, products from Ko-sovar manufacturers targeted the local market, as well as other markets throughout the for-mer Yugoslavia, Western and Eastern Europe and the United States. At its peak in around 1990, each of the 15 socially owned enter-prises (SOEs) engaged in textile production employed more than 1,000 people and sales totalled some 35 million Euro.

Recent developments in the region have fro-zen the primary trading links of the textile industry, causing lower production rates and resulting in a lack of competitiveness with foreign products. As a result, a major share of former SOE workers has become redun-dant. A minor part has, however, established private textile companies. Currently there are over 450 private companies engaged in tex-tile production, out of which 90 percent are final product manufacturers. Although the textile industry has experienced a significant recovery during the past years, the majority of businesses are still small and take the form of micro enterprises. Consequently, they cater solely for the Kosovo market and are primar-ily geared towards a niche market.

Analysis indicates that some 55 to 65 million Euro in exports could be reached, assuming that trading links with former partners can be re-established. There is considerable scope in this sector for investors to recreate a verti-cally integrated manufacturing cluster so that Kosovo would once again produce finished clothing from thread.

In particular, Kosovo offers three major bene-fits for investors wishing to revamp one of the existing SOEs or found a new textile manu-facturing company. These are:

-enced work force

acquired through the ongoing privatisa-tion process

-ing possibilities

With the existing know-how, cost effective la-bour force and other comparative advantages that the country offers, including the friendly business and investment environment, the textile industry in Kosovo has therefore the


potential to become highly competitive inter-nationally.

3.8 Tourism

�e natural wealth of Kosovo represents high quality tourism resources. �e mountainous south of Kosovo has great potential for winter tourism. One of the most interesting oppor-tunities for foreign investors in this sector is the ski resort Brezovica in the Sharr Moun-tains. �e resort, situated between 1,700 and 2,500 meters above sea level. It o�ers excellent weather and snow conditions, as well as long ski seasons from November to May.

Assets of Brezovica include three hotels with 680 rooms, two restaurants and nine ski lifts with the capacity to transport 10,000 skiers per hour. �rough its proximity to Prishtina Airport (60 km) and Skopje Airport (70 km), the resort is a possible destination for interna-tional tourists and has the potential to become the most favourable winter tourism destination in the Balkans.

Apart from the above-mentioned tourism resorts, Kosovo is generally rich with moun-

ous thermal springs of Kosovo are well known

the regional and domestic market.

crafts in Kosovo, such as the Filigree (silver), represents an attraction for foreign tourists. In addition, Kosovo has the potential to develop cultural tourism with numerous religious and other sites with extraordinary cultural and historical value.

Also in the Sharr Mountains in the very south of the country, bordering Macedo-

22,000 hectares of largely untouched land in the mountainous area, belonging to the SOE

as skiing, eco-tourism, paragliding, moun-tain biking, rock climbing, trekking, kayak-

in the municipality of Dragash is stunningly beautiful. It is clearly a remarkable property for eco-tourism, and will only be sold to a proven investor who is committed to a sus-tainable and rational development program which will have strong local support.

16

4 Investment Climate

17

4.1

Graph 10: FDI Inflow in million Euro

FDI Inflows

280.2

384.4

201320122011

229.1

0

100

200

300

400

500

20152014

324.4

151.3

Source:CBK

Taking into consideration the favorable business climate, stable macroeconomic environment, and the excellent opportuni-ties increasingly becoming an attractive place for billion euro of FDIs in the period of 2007-2015. FDI during the year 2015 has increase reaching a value of EUR 324.4 million, compared with the year 2014.

German companies lead in FDI in Kosovo with 471.3 million euros, followed by the Switzerland, Turkey and Austria. �e inward FDI are in Real Estate 30.11 %, Financial Services 17.31%, industry 12.74 %, Construction 11.12 and others.

According to the Business Registry data for 2015, there are more than 5,000 companies of foreign and mixed ownership that have already used the opportunity to invest in Kosovo. �e large number of foreign companied operating in Kosovo is living proof of the opportunities and bene�ts that the country o�ers and also represents a base of quality products and a successful service-providing community.

Agriculture, 1.15 Mining, 0.66

Industry, 12.74 Electricity, 3.67

Construction, 11.12

Trade Services , 3.61

Hotels and Restaurant, 0.67

Transport &

Telecommunication, 9.96 Financial Services, 17.31

Other services, 1.19 Other, 7.81

FDI 2007-2015 by sector (in % total of FDI)

Real Estate, 30.11

18

4.2 Success stories

Banking and Insurance

2001 through acquisition of the American

has grown to be one of the main actors in the

diation at all levels.

ond largest bank in Kosovo with total assets

Kosovo employs more than 650 employees.

Telecommunication IPKO / Telekom Slovenia (Slovenia)

Telekom Slovenia acquired the local company

vice provider in Kosovo, in 2006. IPKO Net

customers. According to the market share for GSM services it is the second largest telecom company in Kosovo after the state owned tel-ecom.

the market leader in cable TV.

Prishtina International Airport“Adem Jashari” (Turkey)

Transport

Prishtina International Airport “Adem Jashari” is a Public Private Partnership project, given in concession to the concessionaire Limak & Aeroports de Lyon on August 10, 2010. On April 4, 2011 Limak & Aeroports de Lyon took the management and develop-ment of Prishtina International Airport

airport is now the main example of a success-ful Public Private Partnership (PPP) project.

million euros in this project by building a new

investor currently counts around 680 employ-ees.

M-Technologie (Switzerland) Metal and plastic processing

M-Technologie is a window processing factory situated in the village Lebane, in Ferizaj, Kosovo, on a location of 30 hectares. M-Technologie is a member of the world wide known company Mabetex Group with headquarters in Lugano, in Switzerland.M-Technologie projects, produces and sells aluminum facades, doors and windows, of a very high quality, as well as PVC doors and windows. 90% of all production is exported from Kosovo.

construction of the window processing factory was approximately 12 million euros.

Stone Castle (USA) Winery Production

Situated in the Rahovec region, Stone Castle Vineyards and Winery L.L.C. is the largest producer of wine in Kosovo and among the largest in the Balkan Peninsula. With an initial investment of over 15,000,000 USD, today the company has advanced technological conditions for the production of grape and quality wine as well as expansion of the vineyards and increase of production capacities.Stone Castle sits on 2200 hectares of agricul-tural land, out of which 700 hectares are active vineyards, and has an annual production capacity of 30 million liters.

Kosova Tex (Germany) Textile Industry

KosovaTex has been the back bone of Kosovo textile industry since 1952,established as a cotton yarn production

privatization process that took place in 2006, Ecolog International acquired KosovaTex,

the only professional jeans manufacturer and exporter in the country, based in Prishtina, Kosovo.With an initial investment of 5 million Euros that has now more than doubled, and with

KosovaTex has become an emerging leader in the apparel industry in the region.For over 4 years now, KosovaTex has been investing and growing to become home to over 300 employees.

Raiffeisen Bank (Austria)

19Investment Climate

Key economic indicators

eal development of the economy meas-ured by the gross domestic product (GDP) has been favourable in the past years, show-ing a positive and continuously increasing trend. ects of the international

crisis, Kosovo was one of the few countries in Europe that experienced positive economic growth in recent years.

As donor support decreases, the private sector consumption and investments are becoming the most important factors behind economic growth. vestments are mainly being driven b -tor. Moreover, the Kosovo Government runs a stable and forward-loo al policy.

evenue base has been widened, thus enabling the Government expenditures to in-crease and in turn support economic growth.

Apart from the favourable economic perfor-mance, Kosovo runs a very stable monetary policy. Kosovo is one of the few counties outside the EU-zone that has introduced the Eur ency. By eliminating the exchange rate risk, transaction costs have been reduced, thus facilitating the promotion of trade and investment. Due to the absence of monetary instruments resulting from the use of the Euro, Kosovo does not run any monetary policy risk either. Prices are expect-ed to remain stable in the future.

Graph 11: Real GDP in billion Euro and GDP growthSource: KAS

4.3

Graph 12: Inflation in Kosovo

Graph 13: Unemployment rate

Graph 12: Inflation in KosovoSource: KAS

-4

-2

0

2

4

6

8

10

20152014201320122011

7.4%

2.5%

0.4%

-0.5%

1.7%

30%

Graph 13: Unemployment rateSource: KAS

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

20152014201320122011

39%

30.9%30%

35.3% 32.9%

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2%

3%

4%

5%

6%

7%

2007 2011201020092008

3.464 3.792 4.259 4.7

3.8%

201120102009

291.5314.1

394.6

0

100

200

300

400

500

20132012

228.7

258.5

0

500

1000

1500

2000

2500

3000

3 500

4000

4500

5000

2%

3%

4%

5%

6%

7%

201320122011 2014 2015 (est.)

4.81

5.05

5.32

5.565.77

4.4%

2.8%

3.4%

1.2%

4.0%

20

4.4.5 Investment guarantees 1. The Multilateral Investment Guarantee

Agency MIGA (a member of the World Bank Group) guarantees investments in Kosovo up to the value of 20 million Euro.

2. The US Overseas Private Investment Corporation (OPIC) also provides politi-cal risk insurance for foreign investors in Kosovo.

3. For investment and credit guarantees from Austria please contact the Austrian Kontrollbank (OeKB) and for Germany the Euler Hermes Kreditversicherung.

4.4 Incentives regime

The existing legal framework in Kosovo al-lows incentives for foreign and local investors. They are up to date and promote the growth of the SME-Sector. Additional incentives that enable Kosovo to cope with develop-ments in the region are in preparation and will be introduced soon.

Current incentives cover the following issues:

4.4.1 Carrying forward of lossesBased on the Law Nr.03/L- 162 on Corpo-rate Income Tax, tax and capital losses can be carried forward for up to seven successive tax periods and shall be available as a deduction against any income in those years.

4.4.2 Special Allowances of new assetsIn accordance with the Corporate Income Tax Law Nr.03/L-16, if a taxpayer purchases new capital goods for the purpose of the taxpayer‘s economic activity between 1 January 2010 and 31 December 2012, a special deduction of ten percent (10%) of the cost of acquisi-tion of the asset shall be allowed in the year in which the asset has been first placed into ser-vice. This deduction is available in addition to the normal allowable depreciation deduction.

4.4.3 Avoiding Double TaxationBased on the Law Nr.03/L-16 on Corporate Income Tax, a resident taxpayer who receives income from business activities outside of Kosovo through a permanent establishment outside of Kosovo, and who pays tax on that income to any state, shall be allowed a tax credit under this regulation in an amount equal to the amount of tax paid to such state.

Any tax credit under the present section is limited to the amount of tax that would be paid under this regulation on the income made in such state.

Any applicable bilateral agreement on the avoidance of double taxation shall supersede the provisions above.

4.4.4 Customs In order to promote local production, the new Kosovo customs and excise code No. 03/L-109 applies a reduced rate of zero percent customs duty on certain capital goods, raw materials and agricultural production inputs. For more details visit: www.dogana-ks.org/tarik/. A zero tariff rate is also applied to the export of goods and services.

21







Graph 11: Real GDP in billion Euro and GDP growth

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2%

3%

4%

5%

6%

7%

2007 2011201020092008

3.464 3.792 4.259 4.7

3.8%

201120102009

291.5314.1

394.6

0

100

200

300

400

500

20132012

228.7

258.5

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

2%

3%

4%

5%

6%

7%

201120102009

3.7923.792 4.7

2012 2013

3.8%

4.259

4.0%

5.0%

5.155%3.724

30%

3.2

4.94%

2.4

22

5 Currency and the banking system

23

Kcurrency on 1 January 2002. With the -

cial mean of payment, the prerequisites for the

and stable macroeconomic environment were -

tion of the Euro in Kosovo have been obvious

given Kosovo a considerable advantage over its competitors in the region by making it more attractive to foreign investment, due to low transaction costs as well as the elimina-tion of exchange rate and currency risk.

instruments also enabled the establishment -

work, upon which a sound banking system has been developed.

Achievements in the banking sector in Ko-

the strengthening of the intermediation func-tion of banks in the Kosovo economy.

Kosovo introduced a two-tier banking system -

public of Kosovo also embodies the charac-

agency. Its responsibilities cover licensing, -

termediaries, and it ensures the proper func-tioning of the payment system.

In addition, the lowering of interest rates and the shift from short-term to long-term

The financial sector in Kosovo is bank-based and all of Kosovo’s banks are private. There are ten registered banks, of which eight are in foreign ownership. The Pro Credit Bank established at the initiative of several leading International Financial Institutions, and the Raiffeisen Bank of Austria, hold the largest market share in the sector.

had a very positive impact on overall econom-ic growth enabling intensive long term capital investments.

Graph 15: Structure of loans by maturity

Structure of loans by maturity generally remains similar to previous years. In June 2015, loans with maturity 'over 2 years' repre-sented the largest share of total loans with 70.0 percent (graph 15). Unlike the two previ-ous years, when the share of long-term loans to total loans had marked a decrease, in June 2015 it was recorded an increase in the share of this category to total loans. �e expansion is in line with statements of the banks which have eased the access to loans with longer maturities, as a measure in order to ease bank �nancing of businesses and households. At the same time, long-term loans were charac-terized by a lower interest rates compared with short-term lending.

0%

20%

40%

60%

80%

100%

June 2013June 2012 June 2014 June 2015

Over 2 years

Up to 1 year

Over 1 and up to 2 years

67.2%69.5%

7.3%7.3%

23.2%

68.0% 67.6%

25.1%

8.6%

70.0%

21.4%

7.8%

24.2%

Source:CBK

24

6 Labour and education

25

6.1 Labour market

Kosovo is blessed with a young, skilled, mul-tilingual and motivated labour force with a strong entrepreneurial spirit.

With 70 percent of the population being under the age of 35, Kosovo is considered to have the youngest population in Europe.

foreign languages. Albanian and Serbian are

term presence of a large international com-munity, English has been established as a

large Kosovar Diaspora, German and other European languages are frequently heard.

Taking into consideration the high availabilityof the work force and the liberal labour law that governs the local labour market, hiring employees in Kosovo is both time saving and simple. According to the “Doing Business 2016” of the World Bank, Kosovo can outpe form most of its neighboring countries when it comes to the simplicity of hiring new employees. The same applies to the cost of making workers redundant which, equal to a salary of 7.2 weeks, is below the regional average.

Furthermore, the highly flexible labour market offers a sufficient work force with varied skills and levels of education and training. Although according to the data covering jobseeker statistics the main part of the labour market supply consists of basic skilled labour, there are sufficient quantities of highly educated jobseekers as well.

The main advantage of the Kosovo labour force remains its low cost. With the average monthly labour cost estimated at EUR 446 it is the most competitive in the region.

Country Average monthly labour cost (euro)

Kosovo 446

Macedonia

Serbia 506

Croatia 1058

Bosnia and Herzegovina

659

Table 3: Overview of the monthly labour cost in the region - 2015Source: The Vienna Institute forInternational Economic Studies

Furthermore, personal income tax in Kosovo is very low at only four percent of the average gross salary, and the wages are unburdened by costly social contributions, unlike the salaries

mandatory contributions on total gross wages paid are those for individual pension savings

cent) and the employee (5 percent).

Graph 17: Redundancy costs (week salary)

Graph 18: Registered jobseekers (2015Source: KAS

)

0 5 10 15 20 25 30

Kosovo 7.2

Croatia 7.2

Serbia 7.7

Bosnia and Herzegovina 7.2

Macedonia 8.7

Albania 10.7

522 0 50000 100000 150000 200000 250000

University 5,315

Master 247

College 471

Secondary school 23,408

Primary school 19,035

Unqualified 68,570

0 20 40 60 80 100

Kosovo 0.14

Serbia 0.34

Croatia 0.32

Montenegro 0.29

Albania 0.37

Bosnia and Herzegovina 0.67

Graph 16: Difficulty of hiring index

Source: Doing Business 2016

(0-100)


26

Working in Kosovo as a foreigner

6.2 Educational system

up to ninety (90) days, up to sixty (60) days and up to thirty 30( days) within one year

tion is made at the Department of Labor andEmployment at MLSW (Ministry of Labour

cation of the employment registration. Foreign nationals who will work more than 90 days must apply for the work permit at the

Together with the request for the work permit, they should also submit a copy of the residence permit at the Department of Citizenship, Asylum and Migration.

Country Employee Employer Total

Kosovo 5% 5% 10%

Macedonia 27% 0% 27%

Serbia 17.9% 17.9% 35.8%

Croatia 17.2% various

Bosnia and Herzegovina 31% 10.5% 41.5%

Montenegro 24%

Table 4: Overview of the social contribution rates in the region -2015Source: Doing business 2016

Graph 19: Number of students in Prishtina University - by year

Source: KAS

13.5% - 42.5%

9.8% 33.8%

systems in Kosovo are beeing reformed continuously while landing great importance to their quality, and thus creating the basic preconditions for the development of a knowledge-based society out of the young

university law by the Government back in 2004, Kosovo’s higher education authority has introduced educational levels in accordance with the Bologna Declaration.

Great importance has been given to establish-ing a privately-driven educational system.Currently Kosovo has six state universities and several private universities and colleges, with worldwide known educational institu-tions among them.

With more than 40,000 students, at the six states universities, and at least 10,000 studentsat the private universities and colleges, a

increasing continuously, with social science graduates over-performing those studying thenatural sciences.

0

10000

20000

30000

40000

50000

60000

70000

2013/20142012/2013

45,879

47,640

2014/2015

44,606

2011/2012

47,070

3947

661

Graph 20:

0 200 400 600 800 1000

313

13383

82

9694

149

377283

11796

151

147161

162

86

808

441

292244

657

Education

Physical Culture (Sports)

Mining and Metallurgy

Agriculture

Arts

Medicine

Machinery

Electrical Eng. and Computers

Construction and Architecture

Economics

Law

Philology

Mathematic-Natural Science

Philosophy

75 SHTA Mitrovica

SHTA Ferizaj

2013/2014 2012/2013

1007

11671312

639

465

Source: KAS

28

7 Trade and customs

29

7.1 Trade regime

Graph 21: Imports in Kosovo – by year in million Euro

Graph 22: Top 6 Imports by commodity (2015) in million Euro

Graph 23: Exports from Kosovo – by year in million Euro

Kosovo currently enjoys free trade within the Central European Free Trade Agreement – CEFTA, enabling its businesses and manufac-turers; goods to freely enter in the regional market, access to more than 20 million consumers, without any custom duty.

One of the achievements is the further liberal-ization of market through the implementation of the Stabilization and Association Agree-ment between Kosovo and EU. Kosovo and EU have negotiated an asymmetrical agree-ment, which means that all products from Kosovo except those negotiated with quotes (such as wine, sugar, certain products of veal and some �sh products) whereas the other part will have full access to the EU market, whereas the access of EU products in our market will be liberalized according to time limits progres-sively. Kosovo has negotiated the agreement on free trade with Turkey which already waiting for approval. Kosovo is also selected as a bene�ciary country of the Autonomous Trade System of Preferences with EU, United States of America, Norway, Japan and Switzerland. �is program of autonomous trade perfor-mances o�ers a custom free treatment for a wide range of Kosovo products.

�e goods exported in 2015 have marked an amount of 325 million Euro, an increase of only 0.2% compared to the previous year. As for the imported goods, this amount reached 2.6 billion Euro, an increase of 3.8%.

Kosovo mainly trades with two groups of countries, European Union countries and CEFTA countries, around 71% of the foreign trade.

However, we consider that out other most important trade partners from all around the world (except EU and CEFTA countries), based on imports and exports, are China, Turkey and India.

Exports are dominated from the raw metal – its products and mineral products which consti-tute the biggest part of the exported products. Products which are grouped in the Food and Drink Industry Sector and herbal products remain a considerable product to increase the value of production and in this way to increase the level of export which has marked a growth from year to year. �ey remain as big sources for production and a potential for a sustainable economic growth.

Imports continue being dominated from mineral products and the category of machines and equipment.

Given that the country has a very favorable business climate, a modern legal framework and a cost e�ective work force, and taking into consideration that there is still immense opportunity for local producers to ful�l market demand and also approach the regional market, local production as well as exports are expected to increase further in the future.

0 500 1000 1500 2000 2500

2011 2,492.2

2015 2,634.6

2014 2,538.4

2012 2,507.6

2013 2,449.0

0 100 200 300 400

Products of the chem. or allied indust 213.8

Base metals and artic. of base metal 260.5

Transport means 164.1

Machinery, appliances, electrical, etc. 310.4

Mineral products

Prepared foodstuffs, bever. and tob. 352.6

404.1

0 50 100 150 200 250 300

2015 325.2

2014 324.5

2013293.8

2011 319.1

2012276.1

Source: KAS

Source: KAS

Source: KAS

30

7.2 Customs regime

Graph 24: Top 6 Exports by commodity (2015) in million Euro

Kosovo is an independent customs entity with a liberal trade regime. Custom duties and border taxes are regulated by the Customs and Excise Code of Kosovo, Law No. 03/L-109. However,

and partial release) are applied by the customs.

Any decision from the Kosovo Government due to application of customs procedures, is to be applied appropriately by the customs within the time of the validation of the decision.

Excise tax: Is relived as a certain percent of the

beer, wines, alcohol, spirits, liquors and other spirit beverages, cigarettes, other tobacco products, cars, petrol, diesel for motor engines and kerosene.

Excise good are imposed for goods on import procedures and also for the goods produced in Kosovo.

Details on customs rates and excise taxes applied to

na-ks.org/tarik/index.htm

code and is fully compliant with WCO agreed rules on customs procedures and the Harmonized Commodity Description and Coding System. It additionally allows the use of a number of business friendly trade-facilitating instruments such as:

Bounded warehousing – allows storage in customs warehouses for non-domestic goods, without import duties being imposed.

time range allowed with the special decision of the customs.

Under this procedure the goods may undergo any form of handling intended to preserve them, improve their appearance or marketable quality or prepare them for distribution or resale. In the case when goods are released for market, a declaration must be prepared by the declarant and taxes must be imposed for the quantity of declare goods.

Inward processing relief allowing – non domestic goods which are intended for re-export from Kosovo to be used in Kosovo in one or more processing operations without such goods being

opportunity for outsourcing projects.

Processing under customs controlfor processing under customs control allows goods which are not domestic goods to be used in Kosovo in operations which alter their nature or state, without being subject to import duties or commercial policy measures, and shall allow the products resulting from such operations to be released for free circulation at the rate of import duty appropriate to them. Processing under customs control may be applied under customs

such operations.

All procedures under customs control are allowed

length. Operations under customs procedures are detailed in each authorization issued for the

Transit – permitting the movement of the goods, which do not originate in Kosovo from one point within Kosovo to another, without such goods being subject to customs duties.

Temporary admission – allowing the use in Kosovo, with total or partial relief from import duties, of goods which arenon-domestic goods and intended for re-export without having undergone any change except normal depreciation. Temporary admission is mainly applied to vehicles, machineries, but never to consumable goods.

Outward processing - allowing the domestic goods to be temporarily exported in order to undergo any processing operations, with the products resulting from such operations to be released for free circulation with total or partial relief from import duties. Outward processing mainly includes machineries, tools but no consumable goods.

For details concerning the import of goods Please contact Kosovo Customs

Customs: A �at rate of 10 percent is imposed on imports and zero percent on exports. Goods with EU origin, pursuant to Agreement of Stability and Association with the EU, are variable 9% and other level, depending on the maturity of Agreement, year after year and tari� number. Exemptions from VAT and speci�c goods based on tari� number, exist for imports of raw materials, CEFTA member states are exempted from the customs duties. Exemption covers a range of capital and intermediary goods, but also for pharmaceutical goods, which are zero rated.

0 20 40 60 80 100

Mineral products

Vegetable products 15.5

Pastics, rubber and articles thereof 23.4

Prepared foodstuff 25.4

Base metals and artic. of base metal 157.7

Machinery, appliances, electrical, etc. 12.3

41.6

Source: KAS

31Trade and customs

7.3 Transport and distribution

Located in the heart of the Balkans, Kosovo serves as a connecting bridge between the

its unique geographical position and its liberal

Graph 25: Travelling distances from Prishtina to major regional centres

-teresting and growing market in the Balkans and Central Europe, comprising 100 million potential customers.

Kosovo’s capital Prishtina is within one hour’s driving time to any neighbouring country (Albania, Montenegro, Macedonia, and Ser-bia), thereby providing a connection for all countries in the region.

Road network

Railway

Air communicationBesides the road and railway network, Kosovo has a modern international airport. With over one million passengers per year, Prishtina International Airport is ranked among the most frequented airports of the region, serv-

-tres.

Prishtina Internationl Airport has been given with concession to the Limak-Airport de Lyon for a period of 20 years, in exchange for Euro 100 million investments in moderni-

should help the Prishtina Internation Airport to become a regional hub in the near future.

combined length of 333 km. It covers the entire territory, connecting both the south with north and east with west. On the south side as well as the north side the railway line provides access to the international railway

modernisation of Kosovo railways provides a solid base to satisfy the growing demand on

construction of the new line that will connect the capital of Kosovo, Prishtina, to the port of Durres in Albania is under development.

�e road network consist of 2.012,0 km, where the Motorway rods were 629 km, National 78,0 km and 1.305,0 km were Regional roads. �e highway which connect Kosovo with the sea port of Durres, Albania is �nished in December 2013. �is highway is a part of the Trans European Corridor X that connects the Adriatic Sea with the Western Europe.

32

8 Setting up a business in the country

© Samir

Kara

Kara

Ka

Ka

da

da

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hodaa

hoda

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33

8.1 Business types

Businesses operating in Kosovo must be registered with the Ministry of Trade and Industry’s Kosovo Business Registration Agency (www.arbk.org). KBRA operates based on an electronic database, as a simpler, faster process for the free registration of new businesses which is realized through the connection with 28 municipal registration centers (with possible increase of their number) known as “one-stopshop” solution

Registering a business in Kosovo is both simple and free-of-charge.

All business and trade names are listed withthe Registry of Business Organization and Trade Names and the basic information regarding registered companies can be trans-parently and freely accessed via the internet.

The documents that you can obtain at the KBRA:

Doc 1 Business registration certificate

Doc 2 Fiscal number

Doc 3 VAT certificate

8.2 Legal framework

On 17 February 2008 Kosovo declared its independence, becoming the latest state to emerge following the disintegration of Yu-

tablished Kosovo as a democratic, secular and multi-ethnic Republic promoting the rights of all communities. In April 2008 the Assem-bly of the Republic of Kosovo adopted the country’s constitution that entered into force in June 2008.

Kosovo’s legal system has been continuously re-built since 1999. While other countries in

complicated procedure of making more than 80,000 laws compatible with European Un-ion regulations, Kosovo’s legislation is already EU-compatible.

a) Laws and regulations issued by the As-sembly of the Republic of Kosovo

cial Representative of the Secretary-Gen-eral during the United Nations Interims Mission in Kosovo;

c) 1989

Protection of Foreign Investment

Public-Private-Partnership (PPP)

In order to put in place certain legal guaran-tees that are necessary to encourage foreign investment, in December 2013 the Govern-ment of Kosovo promulgated a new Law on Foreign Investment (Law No. 04/L-220). According to this regulation a foreign inves-

Every law is available also in English and can

of the Republic of Kosova: www.gzk.rks-gov.net

citizen of a foreign country, natural person who is a citizen of the Republic of Kosovo, but has residence abroad or a legal person established according to the Law of a foreign country, is to be governed by the principle of national treatment, meaning that foreign enterprises will be treated no less favourably than similar domestic enterprises.In particular the right vested to a foreigninvestor are:

expropriation, including payment of interest;

applicable law and international law attributable to Kosovo

unrestricted manner used income

of laws

Kosovo has a new and modern legal framework on Public-Private Partnerships (PPP) which is re�ected in Law on PPPs. �is law is in accor-dance with EU acquis, and international best practices and models on privately �nanced infrastructure projects.�e institutional frameworks for PPP includes the PPP Committee which provides leadership in the development of PPP policies, projects and programs, and make recommendations to the Government of Kosovo for its consideration and adoption; and the PPP Central Department.PPPs can be applied in all economic and social sectors, including, but not limited, to: transport, including railway system, transport in rails, airports, roads, tunnels, bridges, parking, public transport; energy infrastructure; oil pipeline, gas pipeline, re�nement and distribution; production, distribution, treatment, collection and adminis-tration of water, sewage, drainage, irrigation, channels; collection, disposal, recycling and management of waste; telecommunication; education; sport and recreation; health; tourism and culture.According to this law the contractual Public-Pri-vate-Partnership may be in the form of: a Conces-sion (user pay) or a Public Contract (public authority pay).�e principles on decision duration of Public Private Partnership re�ect: �e life-cycle of the infrastructure; rate of return and Value-for-money of each PPP Project.

34

Montenegro 545

Croatia 572

Bosnia and Herzegovina 595

Serbia 635

Albania 525

Kosovo 330

Legal Forms of Enterprises Contracts EnforcementLegal procedures concerning the enforce-ment of contracts are regulated by the Law on Contested Procedure (Civil Procedure Law) and the Law on Execution. In general, the municipal courts have jurisdiction to enforce contracts, with the exception of matters fall-ing within the jurisdiction of the Commercial Court, which is responsible for enforcement.

Trade Marks

single person enterprise

general partnership limited partnership limited liability company

joint stock company

Start-up requirements

None General partnership

agreement

Limited partnership

agreement

The agreement of

the organisation

The agreement of

the organisation

Founding documents

Registration form

Consent of registered agent

Registration form

General partnership

agreement


Registration form

Limited partnership

agreement


Registration form

The statute of the company


Registration form

The statute of the company


Size Small - one owner Small - two or more owners

Small- two or more owners

Middle Large - unlimited

Minimum capital

None None None None ¤ 10,000

Partners None At least 2 At least one general and one limited partner

Regardless Regardless

Liability Full liability Full liability General partner - full liability

Limited liability or fully liable to the extent of unpaid stocks

Limited liability or full liability to the extent of unpaid stock

Table 5: Characteristics of business types in Kosovo

Graph 26: Enforcing contracts in days

and the law no. 05/l -040 amending and supplementing the Law no. 04/l-026 on Trade-marks provids the protection of trademarks within the territory of the Republic of Kosovo. According to the TM Law a trademark may be every sign which could be represented graphi-cally, particularly words, including personal names, designs, letters, numbers, the shape of goods or their packaging, colors as well as combination of all above under a condition that goods or services of one enterprise can be distinguished from the other enterprises in Kosovo.

Trademarks are to be registered at the Industri-al Property Agency, within the Ministry of

registered trademark will after registration have exclusive rights in relation to the goods or services covered by the registration.

In particular these rights are:e. to use the trademark;f. to authorize another to use the trademark;


Similar to common practices in EU countries, only certain types of business can be registered in Kosovo. According to the Law on Business Organization (Law No. 02/L-123) these types are: a single person enterprise, a general partnership, a limited liability company, a limited partnership and a joint stock company, Foreign Company. �e characteristics of each type are listed in the table above.

In accordance with the clauses of the Foreign Investment Law, foreign companies are permitted to engage in any business activity open to domestic business. Additionally, there is no restriction regarding the share of capital that foreign entities are allowed to hold. �erefore, foreign entities may establish subsidiary enterprises and branches in the same manner and to the same extent as similar domestic business organizations.

35Setting up a business in the country

Standardization

By implementing standards based on EU and international practices, KSA aims to:1.1. increase the level of safety for products

and processes, in the function of require-ments to protect and improve the quality of life, health safety, environment and consumer protection, by ensuring com-mon rules;

2. promote quality of products, processes

�e standardization of products, processing services, quality and systems, are regulated by the Law on Standardisation. Under this Law, the institution responsible for the issuing, application and determination of standards is the Kosovo Standardisation Agency (KSA).

3. ensure rational use of materials and en-

4. help to abolish the technical barriers in international trade.

8.3 Taxation

Corporate tax

Kosovo’s tax policies are streamlined and e�cient. Unlike many other countres in the region, Kosovo has laid out a taxation system that is simple and that reduces the tax burden for individuals and businesses. Compliance is straightforward and taxes are few. Further-more, the Government is introducing tax incentives to support domestic production.

Depending on annual income, domestic legal entities and permanent establishments of foreign legal entities are taxed as follows (Law Nr.05/L- 029):

Annual income ¤ 0 - ¤ 50,000

3-9% of income

Annual income ¤ 50,000

10% of profit

ARTICLE 38 of Law 05/L-029 2. �e amount of each quarterly advance payment shall be as follows:2.1. Taxpayers with annual gross income of �fty thousand (50,000) € who are not required to, or do not opt to, submit the annual statements according to Article 37 of this Law shall make the following payments per quarter: 2.1.1. three percent (3%) of gross income received from trade, transport, agricultural and similar commercial activities of each quarter, but not less than thirty seven point �ve (37.5) € per quarter. 2.1.2. nine percent (9%) of gross income for the quarter from services, professional, vocational, entertainment and similar activities of each quarter, but not less than thirty seven point �ve (37.5) € per quarter.Annual income over 50,000€ - 10% of pro�t.Corporate income tax is paid quarterly in advance, based on quarterly net income or pro�t predictions.

Industrial Design

Patents

g. to consent to the use of the trademark; orh. to obtain judicial remedy for a violation of the trademark

Industrial Design can be protected in Kosovo under the clauses of the Law on Industrial Design (Law No.. 05/L-058). Industrial design is protected by the Law up to the point that it is new and has speci�c character. �e design of a product is considered to be an innovation if not identical to a design previously available to the public, and that the design has a speci�c character if the consum-ers’ impression di�ers from the impression left by any other design that was previously available to the public. Industrial design protection can be obtained by issuing a decision on the industrial design registration and the recording thereof in the register.Application for industrial design registration is to be submitted to the Industrial Property Agency, within the Ministry of Trade and Industry. Protection of the industrial design maximum of 25 years.

Patent related matters in Kosovo are governed by the Patent Law (No. 04/L-029 and the law no. 05/l -039 on amending and supplement-ing the Law no. 04/l-029 on Patents). Accord-ing to this law, an invention shall be patent-able if it is new, involves an inventive step and is industrially applicable. Patentable inven-tions are protected by patents in accordance with the provisions of the above mentioned Law. A patent right is granted for the duration of 20 years.

�e application for a patent is to be submitted to the Industrial Property Agency, within the Ministry of Trade and Industry and shall contain:a. a request for the grant of a patent,b. a description of the invention,c. one or more claims,d. any drawings referred to in the description or the claims,e. an abstract of the invention.

36

Value added tax

Annual income ¤ 0 - ¤ 960

0%

Annual income ¤ 960 - ¤ 3,000

4% of the amount over ¤ 960

Annual income ¤ 3,001 - ¤ 5,400

¤ 81.6 + 8% of the amount over ¤ 3,000

Annual income ¤ 5,401 - above

¤ 273.6 + 10% of the amount over ¤ 5,400

Property taxes

Accounting practices

system based on International Accounting Standards. In 2001, with the UNMIK Regu-lation No.2001/30, the Board on Standards for Financial Reporting was established and to date, 18 accounting standards in conform-ity with IAS have been issued. According to this regulation, all business organisations with an annual turnover in excess of 100,000 EUR or total assets worth in excess of 50,000 EUR

statements on an annual basis (Balance sheet,

changes in equity, and accompanying notes, along with a tax return). Businesses with a turnover below 100,000 EUR are required only to prepare a tax return.

-sovo tax system with its neighbouring coun-tries is shown in the table 6.

preparing tax incentives and tax breaks for foreign and local investors. More informationcan be obtained by contacting the Kosovo Investment and Enterprise Support Agency.

Country VAT Corporate Personal income Tax

Kosovo 8-18% 10% 0-10%

Macedonia 18% 10% 10%

Serbia 15% 10%

Bosnia and Herzegovina 17% 10% 10%

Croatia 25% 20% 12-40%

Montenegro

Albania

Table 6: Comparison of Tax Systems in the region - 2015

Graph 27: Registering property in days

10-20%

19% 9% 9-15%

0-20% 15% 0-23%

Montenegro

27

54

69

72

0 20 40 60 80 100 120

Kosov o 277

Macedonia 31

Croatia 72

Albania 54

Montenegro 69

VAT stands at 18% Standard Rate; in basic living goods 8%; in basic living services and some other services including health services and education 0%.

According to article 15 of the Law Nr.05/L-029 on Corporate Income Tax the amount allowed as a depreciation deduction for the tax period is to be determined by apply-ing the following percentages to the capital accounts under the reducing balance method:

percent (20%); and (c) Category 3: machinery and Heavy Exemption on importation

• Production lines and machinery for use in production process,• Raw materials used for the production process• Some of Information Technology equipment;• Newspapers and periodic publications,• Equipment and materials used for electronic and written media.

Personal income taxPersonal income tax (Law Nr.05/L-028) applies to natural persons receiving income from Kosovo sources and also to foreign

of personal income tax depends on annual income and ranges from zero percent to 10 percent.


Property tax was introduced in 2002 and is collected at the local government level by Municipal administration.

% per cent and one percent of the market value of the property for each of the following property categories:• Residential property• Commercial property• Industrial property• Agricultural property • Immovable abandoned property and uninhabited buildings

Value added tax (Law Nr.05/L- 37) is appliedto all persons who develop economic activitieswith an annual turnover in excess of 30,000 euro.

37Setting up a business in the country

8.4

Land acquisition and related matters

8.5 Industrial parks

Photo: Drenas Industrial Park

Land in Kosovo is categorised as agriculturalor construction land.

Publicly owned land for construction can beacquired for private development, only by thedecision of the municipality and/or Ministryof Environment, or privatisation procedures.In contrast, construction land that is not publicly or socially owned can be acquired from private individuals. KIESA runs on its web page an online database of locations and buildings available for foreign investors.

Registering property in Kosovo is both quick

and cadastral systems, the total duration for registering a property is below the regional average. A construction licence issued by therespective Municipality is always required forconstruction purposes.

Information on the particular Land and/or existing pledges can be obtained from the Municipalities where the property is registered in the municipal register.For details visit www.komunat-ks.net

Land leasingAccording to the Law on Local Self Govemnment Nr. 03/L-040, the municipali-ties in Kosovo have the right to lease movable

granted for a term of ten years with an exten-sion opportunity of up to 99 years.

Industrial property in Kosovo can be acquired

Foreign companies can freely buy land and buildings through the ongoing privatisation procedures. For information on current priva-tisation opportunities (see www.pak-ks.org.) Investors can also freely obtain a lease for land from the responsible municipality for a term of 10 years with a long term extension oppor-tunity (see www.komunat-ks.net for details on 38 municipalities across Kosovo).

Industrial Parks

the Ministry of Trade and Industry as a concrete measure to boost business in Kosovo.

hindered by a lack of good quality and reliable

is relatively simple, aiming to provide high quality facilities and infrastructure at a competitive market price, from which

In addition to providing a solid base from

business clustering may also take place thus facilitating exchange of business knowledge and transfer of know-how, and developing synergies to further accelerate business devel-opment and growth.

Aiming at improving the business climate and in view of facilitating the private sector doing business in Kosovo, apart to industrial parks, the Government of Kosovo announced the Municipalities of Mitrovica, Prizren and Gjakova as Economic Zones.

In this context, the government taking measures to provide construct the necessaryinfrastructure, so that these Economic Zones are functionalized by enabling investment opportunities, namely for regional and cross-border economic cooperation. Initially the government is working in the construction and arrangement of necessary road, water supply, sewerage and telecommunication infrastructure within these Economic Zones.

Also, the government is working on facilitat-ing the procedures for land use to interested businesses, as well as facilitating procedure in regards to necessary documentation for businesses willing to operate whithin thes Economic Zones.

is

38

8.6 Utility costs and availability

Fuel Actually in Kosovo there are 640 retail fuel station, measured at a ratio of one fuel stationper 2,800 inhabitants. Kosovo has one of the highest fuel station densities in Europe.

Description EUR/Lit

Diesel 0.95

Petrol 0.99

Telecommunication

Energy, water and sewageKosovo uses 220 V energy network and the plug socket system corresponds to the Ger-man standard.

A public water supply system as well as sew-age services are established throughout the

can be taken from the table below:

Table : Tariffs for Energy

Description Within the network

To other local International

Fixed telephone (PTK) 0.01 From 0.05 From 0.13

Mobile Phone (VALA) 0.04-0.09 From 0.10 From 0.28

Mobile phone (IPKO) 0.05-0.10 From 0.15 From 0.44

Fixed telephone (IPKO) 0.01 From 0.05 From 0.10

Table 7: Standard TariffsTariffs for Fixed telephone,Mobile phone offered from operators

Prices: 2014

Prices: 2016

Prices: 2015

Prices: 2016Source: Water Services Regulatory Authority,Kosovo

Source: Energy Regulatory Office, Kosovo

Standard Tariffs for Fixed telephone, Mobile phone

Scoure: KAS

Description Unit Householdcostumers

Non Householdcostumers

Water Supply €/m3 0.34

0.08

1.00

0.69

0.18

3.00

€/m3

€/m/cos

Sewage

Fixed Tariff

Average Water and Wastewater Tariffs (2016)

Tarrifs for EnergyHigh season

1 October- 31 March

Low season 1 April -

31 September

High VoltageElecricity forIndustrial Customers (€c\kWh)

Middle Voltage Elecricity for Industrial Customers (€c\kWh)

Low Voltage Elecricity for Industrial Customers (€c\kWh)

5.54 4.64

9.54 5.85

11.88 9.83

Fixed network:�e �xed network currently consists of 57,332 active telephone connections. Additionally, there are 328 pay phones located in public areas as well as in post o�ces. �ere are 5 authorized operators, Telecom of Kosovo, IPKO, Kujtesa.Net, Fiber Link and KONET. Telecom of Kosovo holds 80.5% of the market.

Mobile network:GSM-services in Kosovo are provided currently by Telecom of Kosovo (TiK), IPKO, a company owned by Slovenian Telecom, and two licensed virtual operators “Zmobile” and “D3 mobile” . In addition operators TiK and IPKO provide UMTS and LTE services. TiK has over 1,018,324 users, whereas IPKO has gained 592,876 users within nine years of its establishment. Vala and IPKO holds around 90% of the market.

Postal ServicesRegarding postal services, by the end of 2014 were 12 operators (Ref. http://www. arkep-rks.org/?cid=1,158). Besides ‘Post of Kosovo JSC’ postal services also o�er private operators, in total; 11 operators, local and international operators recognized at the global level such as; DHL, UPS, FedEx, TNT, SKYNET ect. As a consequence, quick and reliable shipping possibilities to di�erent international destinations are available. Post of Kosovo JSC ', is the public postal operator, and has a wide variety of postal and courier services, operating in its territory developed relying on its network infrastructure from 157- post o�ces, organized in 7 regions in competition with private operators (11) in total from 27 post o�ces.

InternetKosovo has over 54 authorized internet providers (ISP) of which four of them have direct connection in the international gateway. In regards to �xed broadband the penetration of internet services per household in Q1-2016 was around 74%. In Q1-2016, market share based on subscribers were: IPKO 47.84%, Telecom of Kosovo 15.46%, Kujtesa.Net 24.37%.

dominated by the Post and Telecommunica-

was incorporated in 2005 and is still a fully state owned enterprise. It provides various telecommunication services ranging from

internet.

39







Graph 11: Real GDP in billion Euro and GDP growth

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2%

3%

4%

5%

6%

7%

2007 2011201020092008

3.464 3.792 4.259 4.7

3.8%

201120102009

291.5314.1

394.6

0

100

200

300

400

500

20132012

228.7

258.5

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500

2%

3%

4%

5%

6%

7%

201120102009

3.7923.792 4.7

2012 2013

3.8%

4.259

4.0%

5.0%

5.155%3.724

30%

3.2

4.94%

2.4

41

Adequately equipped pharmacies may be found in every town throughout Kosovo, some of which are open 24 hours.

Gastronomy: In restaurants, bistros, cafés and hotels, a good variety of meals and beverages

more, there are numerous restaurants located

micë and Istog with their unique trout speci-alities are also major attractions.

Smaller shops can be found at each street corner. Supermarkets with ever-increasing assortments are usually located in the suburbs.

maps and city plans, available at kiosks and fuel stations.

Kosovo is very rich, especially in the south and west of Kosovo, including the Dukagjin region and towns of Peja, Gjakova, and Priz-

“Kullas”, mills and bridges, the mosques, the Catholic and Orthodox churches, and the Turkish baths, the castles and archaeological settlements, all make up a part of the extraor-dinarily rich history of the region.

Kosovo presents a rich ethno-cultural, mate-rial and spiritual heritage treasure-house of various historical periods. With their unique characteristics, features, and qualities, each culture has contributed its diverse values to the cultural heritage of Kosovo.

lyrian, Byzantine, Helen, Roman, Western and Eastern, and Ottoman cultures are pre-sent.

For detailed attractions in Kosovar cit-ies please visit www.kosovoguide.com.

mmunication systems. Post of Kosovo JSC , is the public postal operator, and has a wide variety of postal and courier services, operating in its territory developed relying on its network infrastructure from 157- post o�ces, organized in 7 regions in competi-tion with private operators (11) in total from 27 post o�ces.

Two mobile network operators (MNO) are active in the market and providing mobile broadband services 3G (UMTS/HSPA) and 4G (LTE): Incumbent operator Telecom of Kosovo JSC (VALA), owned by Government of Kosovo, and IPKO Telecommunications LLC, a company owned by Slovenian Telecom. In addition there are two mobile virtual operators (MVNO): Zmobile and D3 mobile. For longer stays in Kosovo the purchase of a local number is recommended.

Kosovo has over 54 authorized internet providers (ISP) of which four of them have direct connection in the international gateway. In regards to �xed broadband the penetration of internet services per household in Q1-2016 was around 74%. In Q1-2016, market share based on subscribers were: IPKO 47.84%, Telecom of Kosovo 15.46%, Kujte-sa.Net 24.37%.

Health care: Health System includes three levels of health care. Primary Health Care provides Main Family Health Centers which are located in every municipality with their branches in every local community (Family Health Center) and villages (Family Ambu-lances) of Kosovo. �e Secondary Health Care provides seven (7) General Hospitals who are located in Regional centers of Kosovo. Tertiary Health Care is provided by University Clinical Center of Kosovo. Apart from the Public Health System there are numerous private hospitals.

42

10 About Kosovo Investment and Enterprise Support Agency

43

KIESA

Kosovo Investment and Enterprise Support Agency (KIESA) is a government institu-tion operating under the Ministry of Trade and Industry that is responsible for protec-tion and promotion of foreign and local investments, development of enterprises operating in Kosovo and establishment of economic zones.

Vision

To support the economic development of Kosovo by stimulating and facilitating foreign direct investments and private sector which will have a direct impact in reducing unemployment and increasing the social welfare of our citizens.

Mission

To attract, retain and grow foreign invest-ment in Kosovo, promote Kosovo exports and develop local businesses by ensuring the existence of a pro-business environment and pro-active support for both foreign and local private sector businesses. Services that KIESA provides to foreign investors

support to help you obtain all necessary approvals to enable a fast start-up

sary to start your operation

central institutions

business of your interest

options to accommodate your operation

business incubators where you can start your operations

projects and partners with whom you can collaborate

support to export out of Kosovo

many foreign businesses of your interest

products

Kosovo Investment andEnterprise Support Agency

Lagja e spitalit

Tel: +381 (0) 38 200 36 585+381 (0) 38 200 36 542

[email protected]

44

11 Key contacts – Websites

45

11.1 Websites of Kosovo Institutions

Assembly of the Republic of Kosovo www.assembly-kosova.org

Republic of Kosovowww.kryeministri-ks.net

Ministry of Trade and Industry of the Republic of Kosovowww.mti-ks.org

Ministry of Economic Development of theRepublic of Kosovowww.mzhe-ks.net

Ministry of Finance of the Republic of Kosovowww.mf.rks-gov.net

Ministry of Science, Education andTechnology of the Republic of Kosovowww.masht.rks-gov.net

Ministry of Agriculture, Forestry and Rural Development of the Republic of Kosovowww.mbpzhr-ks.net

Ministry of Labour and Social Welfareof the Republic of Kosovowww.mpms.rks-gov.net

Ministry of Infrastructure of the Republic of Kosovowww.mi-ks.net

Ministry of Environment and SpatialPlanning of the Republic of Kosovowww.mmph-rks.org

Ministry of Public Servicesof the Republic of Kosovowww.map.rks-gov.net

Ministry of Justicewww.md-ks.org

Central Bank of the Republic of Kosovowww.bqk-kos.org

Organizations and Trade Nameswww.arbk.org

Kosovo Privatisation Agencywww.pak-ks.org

Kosovo Customs

Kosovo Agency of Statistics

www.dogana-ks.org

www.ask.rks-gov.net

Auditors of Kosovowww.scaak.org

www.trusti.org

www.ero-ks.org

Telecommunication Regulatory Authority www.art-ks.org

11.2 Websites of International Institutions in Kosovo

European Commission in Kosovowww.delprn.ec.europa.eu

EULEX Kosovo www.eulex-kosovo.eu

World Bank - Kosovowww.worldbank.org/kosovo

International Monetary Fond - IMFwww.imf.org/kosovo

United States Agency for International

www.usaid.gov/kosovo

Regulatory Authority of Electronic and Postal Communicationswww.arkep-rks.org

46

11.3 Business support Institutions

Kosovo Investment and Enterprise

Economic Initiative for Kosova (ECIKS)Kärntner Ring 5-7, 7 Floor1010 Vienna, AustriaRepublic of KosovoTel +43 (0) 120511601110Fax +43 (0) 120511601008Email: [email protected]: www.eciks.org

Support Agency

Kosovo Chamber of CommerceNëna Terezë Street 20KS - 10000 PrishtinëRepublic of KosovoTel: +381 38 224 741Fax: +381 38 224 299E-Mail: [email protected] Web: www.oek-kcc.org

American Chamber of Commerce Kosovo Perandori Justinian Nr. 1610000 PrishtinëRepublic of Kosovo Tel: +381 38 609 013 Email: [email protected] Web: www.amchamksv.org

British Chamber of CommercePerandori Justinian 6 10000 PrishtinëRepublic of Kosovo Tel: +377 45 947 947Web: www.bcck.co.uk

Kosovo Association of Informationand Communication TechnologyStr. Rexhep Mala 2810000 PrishtinëRepublic of Kosovo Tel: +381(0) 38 771 180Email: [email protected]: www.stikk-ks.org

Kosovo - Turkey Chamber of CommerceStr. “Imzot Nike Prela” nr. 42 Ulpiana 10000 PrishtinëRepublic of Kosovo Tel: + 381 (0) 38 550 100Email: [email protected] Web: www.kt-to.org

German-Kosovan Chamberof Commerce (Kdw)

10000 PrishtinëAgim Ramadani nr. 124,

Republic of Kosovo Tel: +381 (0)38 241 800Fax: +381 (0)38 241 900Email: [email protected]

Aleanca Kosovare e BizneseveDardania SB-6 6/6 B410000 PrishtinëRepublic of KosovoTel/Fax: +381 38 551 311Email: [email protected] Web: www.akb-ks.org

th

Muharrem Fejza Street n.n.Lagja e spitalit 10000 Prishtinë, KosovoTel: +381 (0) 38 200 36 585 +381 (0) 38 200 36 542Fax: +381 (0) 38 212 807Email: [email protected]

Web: [email protected]

Investor Guide INVESTING IN KOSOVO - kiesa.rks-gov.net · [email protected] August 2016....

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